Diamond Bar, CA

Black Friday today keeps off the holiday shopping season. One of my favorite shopping places is Outlet at Cabazon near Palm Springs. It is about an hour away from Diamond Bar via 10 Freeway.

The outlet has over 150 stores. Since there are so many stores, it is almost impossible to see them all. Nevertheless, it is fun to stroll around the outdoor shopping mall and enjoy the wonderful Southern California weather.

This winter, the market is over saturated with rental properties with 5 times more inventory than last year. As a result of that, the market rent drops from 10% to 20% depending on the area.

The followings are two main reasons why we are experience such a rapid surge of rental inventories.

1. Due to the rapid housing price decline in the past year, a lot of sellers decided to rent their houses out instead of selling them. By doing so, it creates a huge number of rental inventories.

2. A lot of renters with good credit who sold their houses at the heights of the market decide to make a purchase now instead of continue renting since market price has drop as much as 45%. Because of that, we see a large shrinkage of quality renters with good credit and also the increase of available rentals.

Because of the large increase in inventory, landlords are cutting prices to attract potential renters. That is why we are seeing a huge price drop in rent.

For homeowners who are interested to learn more about home retention, Bank Of America and RE/MAX Realty 100 join together to provide a free Home Retention Seminar.

The seminar will cover the following subjects:

1. Loan Modification

2. HOPE for Homeowners

3. Short Sales

4. Steps in A Foreclosure

It will be held on Thursday, Dec 4th at 7 pm at

Ayres Suites Diamond Bar
21951 Golden Springs Drive
Diamond Bar, Ca 91765
(909) 860-6290

You are welcome drop by and attend the free seminar on the day of event. However, RSVP will be highly appreciated by Dec. 1, 2008 with RE/MAX at (909) 861-9985.

To purchase a property, besides the down payment, buyer needs to prepare some additional money for closing cost. Here is a list of fee involved to close the escrow.

1.Title fee.

2. Escrow fee.

3. Loan processing fee.

4. 1st month prorated mortgage payment.

5. Prorated property tax.

6. Home insurance.

7. Appraisal fee.

8. Credit report fee.

9. Notary fee.

10. Wire fee.

11. Carrier fee.

12. Home inspection fee.

13. Private Mortgage Insurance (if applicable).

14. Impound account reserves (if applicable).

The closing cost runs about 2% to 4% of the purchase price. Much of it depends on how much lender charges on point and origination fee.

Depending on the credit score and amount of down payment, lender might allow up to 6% of the purchase price as credit towards buyer's closing cost from the seller. This will help pay for the closing cost if buyer have only enough savings for down payment.

As we grow older and take on more and more responsibilities, it is easy to get lost in the "work" maze. To rekindle that fun loving part of our inner beings, my family takes monthly pilgrimage to Disneyland. It is a simple joy just to watch children's smiling faces.

It is also very romantic at night to sit back and relax in front of the Disney Harbor watching the beautiful boardwalk.

Since we are only 20 minutes away from Disneyland, we can afford to visit on a monthly basis. It is such a blessing to be there to unwind and take the mind away for a day!